John Charcol has launched the perfect deal for those who have a large mortgage and want the option of some protection against rising mortgage payments.
The new mortgage is a lifetime tracker with no Early Repayment Charges (ERC) and a drop lock facility that guarantees the borrower the right to switch to any of the lender’s fixed rates whenever they wish.
The base rate is +0.19 per cent for the term – a current rate of 4.94 per cent, and has no arrangement fee.
Ray Boulger at John Charcol, said: “There is considerable uncertainty over the future interest rate movements, but this mortgage puts the borrower in the driving seat.
“It is the cheapest ERC free lifetime tracker on the market and also guarantees borrowers the right to switch to a fixed rate at any time in the future for whatever reason they want to. Of course, when you have a loan in excess in £1 million, even a quarter point increase can add over £150 to your monthly payment.”
